High Court of KeralaWP(C)/27300/2015disposed of

Niza Shihabudeen v. Union Bank Of India

2015-09-10Honourable Dr. Justice A.K.Jayasankaran Nambiar5 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR THURSDAY, THE 10TH DAY OF SEPTEMBER 2015/19TH BHADRA, 1937 WP(C).No. 27300 of 2015 (J) ---------------------------- PETITIONER :

---------------------- NIZA SHIHABUDEEN, KOTTAKKAKATHU VADAKKATHIL, KOIVILA MURI.P.O., THEVELAKKARA, KOLLAM-690 524.

BY ADVS.SRI.V.R.GOPU SRI.J.NARAYANA PILLAI RESPONDENT(S):

----------------------------

1. UNION BANK OF INDIA, REPRESENTED BY ITS REGIONAL MANAGER, REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD, STATUE, THIRUVANANTHAPURAM-695 001

2. THE AUTHORISED OFFICER, REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD, STATUE, THIRUVANANTHAPURAM-695 001 BY SRI.A.S.P.KURUP, SC, UBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10-09-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

sts

WP(C).NO.27300/2015 APPENDIX PETITIONER'S EXHIBITS:

P1 COPY OF THE RECALL LETTER DATED 01/07/2015 P2 COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT DATED 11/07/2015 P3 COPY OF THE REPRESENTATION SUBMITTED BY PETITIONER DATED 11/08/2015 RESPONDENT'S EXHIBITS:

NIL /TRUE COPY/ P.A.TO JUDGE sts

A.K.JAYASANKARAN NAMBIAR, J.

............................................................. ............................................................. Dated this the 10th day of September, 2015 J U D G M E N T The petitioner, who had availed a home loan from the respondent bank, defaulted in repayment of the same. Consequently, the respondent bank initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P2 is the notice issued under Section 13(2) of the SARFAESI Act. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

2. I have heard the learned counsel appearing on behalf of the petitioner as also the learned Standing counsel for the respondent bank.

3. On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit him to remit the balance amounts outstanding to the bank in easy instalments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ

petition with the following directions:- (i) The total overdue amount in respect of the loan availed by the petitioner is stated to be Rs.1,50,000/- together with accrued interest. Accordingly, if the petitioner pays the aforesaid amount of Rs.1,50,000/- together with accrued interest in eight equal and successive monthly instalments commencing from 15.10.2015, and continues to keep up the regular instalments as per the original loan schedule, the recovery steps initiated against the petitioner by the respondent bank shall be kept in abeyance.

(ii) It is made clear that, if the petitioner commits a default in respect of any of the instalments, he will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against him from the stage at which they presently stand.

A.K.JAYASANKARAN NAMBIAR JUDGE mns